SEC 13F Intelligence

Managers / Q1 2026

PenderFund Capital Management Ltd.

CIK 0001706164 · SUITE 1830, 1066 W. HASTINGS STREET, VANCOUVER, A1, V6E 3X2 · 6046881511

Reported Value
$639M
Q1 2026
Positions
253
Filings on Record
32
2019–present window
Filed
May 15, 2026
original filing

Summary

Penderfund Capital Management Ltd. reported $639M in U.S.-listed holdings across 253 positions for Q1 2026.

Its largest position, First Majestic Silver, represents 8.5% of the portfolio.

Compared with Q4 2025, the fund opened 111 new positions and exited 77.

Portfolio Metrics

Turnover
+27.1%
vs prior filed quarter
Top-10 Concentration
+53.8%
share of reported value
Largest Position
+8.5%
First Majestic Silver
New / Exited
111 / 77
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $302MQ4 ’18Q1 ’19: $344MQ2 ’19: $280MQ3 ’19: $297MQ4 ’19: $356MQ4 ’19Q1 ’20: $320MQ2 ’20: $370MQ3 ’20: $360MQ4 ’20: $393MQ4 ’20Q1 ’21: $412MQ2 ’21: $427MQ3 ’21: $383MQ4 ’21: $441MQ4 ’21Q1 ’22: $408MQ2 ’22: $362MQ3 ’22: $320MQ1 ’23: $318,441Q1 ’23Q2 ’23: $321,680Q3 ’23: $333,695Q1 ’24: $378MQ2 ’24: $364MQ2 ’24Q3 ’24: $434MQ4 ’24: $465MQ1 ’25: $514MQ2 ’25: $367MQ2 ’25Q3 ’25: $593MQ4 ’25: $635MQ1 ’26: $639Mfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 48.1%Common Stock: 21.0%GLOBAL: 16.8%ETP: 7.2%Other: 3.7%Other: 3.3%
  • US DOMESTIC · 48.1% · $307M
  • Common Stock · 21.0% · $134M
  • GLOBAL · 16.8% · $107M
  • ETP · 7.2% · $46M
  • Other · 3.7% · $23M
  • Other · 3.3% · $21M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TEUCRIUM COMMODITY TRNEW+804.3K804.3K+$15M$15M
MERITAGE HOMES CORPNEW+12.00M12.00M+$12M$12M
MDAMDA SPACE LTDNEW+436.2K436.2K+$11M$11M
ALIBABA GROUP HLDG LTDNEW+5.00M5.00M+$7M$7M
SUPER MICRO COMPUTER INCNEW+6.00M6.00M+$5M$5M
MOONBLUE MOON METALS INCNEW+565.3K565.3K+$4M$4M
HSLVHIGHLANDER SILVER CORPNEW+587.8K587.8K+$3M$3M
TEUCRIUM COMMODITY TRNEW+100.0K100.0K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NIO INCNOTE 4.625%10/1 · NOTE 3.875%10/18.75%$56M54.44M
2FIRST MAJESTIC SILVER CORPNOTE 0.375% 1/18.53%$54M38.74M
3NORTHERN OIL & GAS INCNOTE 3.625% 4/17.79%$50M44.50M
4EQXEQUINOX GOLD CORPNOTE 4.750%10/1 · COM6.45%$41M12.89M
5FLUENCE ENERGY INCNOTE 2.250% 6/15.95%$38M37.41M
6SOUTHERN CONOTE 4.500% 6/15.29%$34M30.00M
7EVOLENT HEALTH INCNOTE 3.500%12/0 · DEBT 4.500% 8/14.81%$31M57.52M
8PPLTUSDABRDN PLATINUM ETF TRUSThistory →PHYSCL PLATM SHS4.47%$29M160.0K
9DUKE ENERGY CORP NEWNOTE 4.125% 4/14.39%$28M25.00M
10PPL CAP FDG INCNOTE 2.875% 3/14.04%$26M22.00M
11TEUCRIUM COMMODITY TRCORN FD SHS · SOYBEAN FD2.70%$17M904.3K
12WOLFSPEED INCNOTE 2.500% 6/12.55%$16M11.33M
13PARPAR TECHNOLOGY CORPCOM · NOTE 1.500%10/12.43%$16M5.81M
14CARDLYTICS INCNOTE 4.250% 4/02.12%$14M47.71M
15TSATTELESAT CORPhistory →CL A & CL B SHS2.06%$13M371.2K
16MERITAGE HOMES CORPNOTE 1.750% 5/11.83%$12M12.00M
17STCSANGOMA TECHNOLOGIES CORPhistory →COM NEW1.74%$11M2.82M
18MDAMDA SPACE LTDhistory →COM1.73%$11M436.2K
19ESPRESPERION THERAPEUTICS INC NEhistory →COM1.67%$11M3.89M
20OPKO HEALTH INCNOTE 3.750% 1/11.43%$9M7.31M
21WIWWESTERN AST INFL LKD OPP & Ihistory →COM1.36%$9M1.02M
22TXNM ENERGY INCNOTE 5.750% 6/01.25%$8M5.90M
23ALIBABA GROUP HLDG LTDNOTE 0.500% 6/01.09%$7M5.00M
24SUPER MICRO COMPUTER INCNOTE 2.250% 7/10.82%$5M6.00M
25ADECOAGRO S ACOM0.59%$4M250.0K
26MOONBLUE MOON METALS INCCOM0.57%$4M565.3K
27HSLVHIGHLANDER SILVER CORPCOM0.54%$3M587.8K
28NXENEXGEN ENERGY LTDCOM0.48%$3M263.0K
29CLARIVATE PLCORD SHS0.44%$3M1.11M
30KKRKKR & CO INCCOM0.43%$3M29.3K
31BURFORD CAPITAL LIMITEDORD SHS0.35%$2M498.0K
32GNRCGENERAC HLDGS INCCOM0.33%$2M10.8K
33FLRFLUOR CORPCOM0.33%$2M45.1K
34DECKDECKERS OUTDOOR CORPCOM0.33%$2M21.0K
35SAROSTANDARDAERO INCCOM0.33%$2M81.3K
36CARTMAPLEBEAR INCCOM0.33%$2M56.0K
37DLTRDOLLAR TREE INCCOM0.32%$2M18.5K
38MORGAN STANLEY EMERGING MKTSCOM0.32%$2M400.0K
39ADUSADDUS HOMECARE CORPCOM0.27%$2M18.5K
40ISOISOENERGY LTDCOM NEW0.24%$2M145.2K
41SHOPSHOPIFY INCCL A SUB VTG SHS0.24%$2M12.8K
42BNBROOKFIELD CORPCL A LTD VT SH0.23%$1M35.6K
43STONECO LTDCOM CL A0.22%$1M100.0K
44BAHBOOZ ALLEN HAMILTON HLDG CORCL A0.22%$1M17.6K
45IFFINTERNATIONAL FLAVORS&FRAGRACOM0.20%$1M17.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$639M253May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$635M219Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$593M207Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$367M142Aug 14, 2025RESTATEMENTchanges · EDGAR ↗
Q1 2025$514M142May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$465M129Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$434M137Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$364M126Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$378M116May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023Under review105Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$333,695112Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$321,680114Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$318,441130May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review140Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$320M179Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$362M179Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$408M172May 17, 202213F-HRchanges · EDGAR ↗
Q4 2021$441M157Feb 16, 202213F-HRchanges · EDGAR ↗
Q3 2021$383M140Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$427M88Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$412M92May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$393M81Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$360M70Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$370M71Aug 17, 202013F-HRchanges · EDGAR ↗
Q1 2020$320M57Apr 27, 202013F-HRchanges · EDGAR ↗
Q4 2019$356M56Feb 5, 202013F-HRchanges · EDGAR ↗
Q3 2019$297M64Oct 29, 201913F-HRchanges · EDGAR ↗
Q2 2019$280M67Jul 31, 2019RESTATEMENTchanges · EDGAR ↗
Q1 2019$344M69Apr 23, 201913F-HRchanges · EDGAR ↗
Q4 2018$302M70Jan 24, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.